Fred “Dave” Clark, founder of the defunct Cay Clubs Resorts and Marinas that the feds say was a $300 million Ponzi scheme, was convicted by a federal jury Friday of three counts each of bank fraud and making a false statement to a financial institution and one of obstructing the U.S. Securities and Exchange Commission by lying to the regulatory agency.

Clark, 57, was accused of using the Tavernier-based Cay Clubs as his own bank account, extracting $22 million from it from 2005 to 2007 and using the money on waterfront homes, cars and planes. He founded Cay Clubs and was its chief executive officer.

At its height, Cay Clubs had interest in dozens of businesses and employed scores of people, who all lost their jobs as the company went down hill.

Some 1,400 investors and financial institutions lost money on Cay Clubs, which sold condos as condo-hotel vacation units in the Keys, Clearwater and Las Vegas and promised renovations and big payouts to the investors through lease buy-backs. Clark’s wife, Cristal, was acquitted earlier this year. This was Dave Clark’s second trial; the first ended in a mistrial when jurors deadlocked. Read more: